The answer to the question “can I keep my house if I file bankruptcy” depends on how much equity you have in your home. Generally speaking, bankruptcy doesn’t erase your primary mortgage, but it may free up money to pay your mortgage Beenz. If you can’t make your mortgage payments anymore, bankruptcy may be the best way to protect your home 52av.
If you have a mortgage, it’s important to catch up on your payments before filing for bankruptcy. Chapter 13 bankruptcy may give you a grace period to catch up on missed payments. In addition, a payment plan negotiated under Chapter 13 may give you three to five years to catch up on missed payments, which can help you keep your home easysolution24.
In addition, if you owe more than your home is worth, you may be able to keep your home if you qualify for a homestead exemption thedigitalscale. Federal and state laws vary on how much of an exemption you can claim. If you’re married, this exemption is doubled.
The bankruptcy exemptions are important because they protect personal property and keep you from becoming a ward of the state world247zone. By using these exemptions, you can protect most of your assets, including your home and car. The rules on exemptions vary from state to state, so your ability to keep your property will depend on the state and bankruptcy jurisdiction in which you file forexbit.